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Guest opinion: Support for payday loan providers misguided

We highly disagree, so we don`t think the known facts offer the Camera`s summary.

Here you will find the factual statements about payday financing in Colorado. The payday that is average makes lower than $30,000 each year, 60 per cent of all of the loans are refinance loans and very nearly 50 % of all loans head to borrowers whom took down 16 or maybe more loans in the earlier year, based on data collected and reported because of the Colorado attorney general.

The attorney general publishes two reports on payday financing. A person is really a yearly report posted each November considering information supplied by payday loan providers. It shows how many loans released, the total worth of the loans, the per cent of loans renewed or rolled over and also the range consumers whom took down numerous loans.

The Camera cited the most up-to-date annual report, however these reports usually do not paint a picture that is complete. They cannot take into account the fact that payday borrowers usually utilize numerous payday lenders. Therefore, they overstate the true quantity of borrowers and understate how many loans per debtor. Here`s just just just how.

In case a debtor removes six loans from payday lender A and four loans from payday lender B, the report counts him as two borrowers with ten loans, or on average five loans. The truth is, there was one debtor with 10 loans.

There is certainly another report, an even more report that is detailed the attorney general. (more…)